NEW YORK (TheStreet) -- Here's what Jim Cramer had to say on CNBC's "Squawk On The Street" Tuesday:

Cramer still likes the China story at MGM Resorts (MGM) and he would stay long the stock. He is also a fan of U.S. Steel (X) , saying the stock is not expensive. MGM ended Tuesday down 2.8% and X was off 2.2%.

Cramer was less rosy about Ruby Tuesday (RT) , asking when that restaurant chain will get its act together. But he is a fan of Phillips Electronics (PHG) , which is shedding its low-margin DVD business in favor of higher-end products such as health-care equipment. Investors had no appetite for RT, sending shares down 3.7%. But PHG was a bright spot, up 3.5%.